{"id":321,"date":"2015-02-06T17:58:38","date_gmt":"2015-02-06T17:58:38","guid":{"rendered":"http:\/\/www.annandjohnvandersyde.com\/?p=321"},"modified":"2020-11-17T23:03:40","modified_gmt":"2020-11-17T23:03:40","slug":"qa-some-of-what-to-consider-when-its-time-to-place-your-home-in-the-2015-real-estate-market","status":"publish","type":"post","link":"http:\/\/www.annandjohnvandersyde.com\/?p=321","title":{"rendered":"\u00e2\u20ac\u0153Q&#038;A \u00e2\u20ac\u201c Some of what to consider when it\u00e2\u20ac\u2122s time to place your home in the 2015 Real Estate Market\u00e2\u20ac\u009d"},"content":{"rendered":"<p>Ann &amp; John were recently asked to put together a presentation for people contemplating the sale of their home. Here are a few quick questions they generated in order to spark an interactive conversation about the selling process. We are happy to expand on any of these talking points, as we do in our presentation.<\/p>\n<p><strong>TEN thoughts to ponder if you are thinking about selling your residential property:<\/strong><\/p>\n<ol>\n<li>\u00e2\u20ac\u0153What are the basic steps involved in selling a house?\u00e2\u20ac\u009d<\/li>\n<\/ol>\n<p style=\"padding-left: 30px;\">We feel there are three BASIC phases of the real estate sales process:<\/p>\n<ul>\n<li>Preparation \u00e2\u20ac\u201c begin planning early<\/li>\n<li>Marketing \u00e2\u20ac\u201c strategies for getting buyers<\/li>\n<li>Contract to Closing \u00e2\u20ac\u201c you have a buyer, what next?<\/li>\n<\/ul>\n<ol start=\"2\">\n<li>\u00e2\u20ac\u0153I am considering putting my house up \u00e2\u20ac\u0153for sale\u00e2\u20ac\u009d and want to know, when is the best time for me to engage my realtor?\u00e2\u20ac\u009d<\/li>\n<\/ol>\n<ul>\n<li>If you are <em><span style=\"text-decoration: underline;\">thinking<\/span><\/em> about selling your house, then <em><span style=\"text-decoration: underline;\">it\u00e2\u20ac\u2122s time <\/span><\/em>to call your agent.<\/li>\n<li>Involve your Realtor ASAP; they have the knowledge and experience to guide you intelligently from the very beginning.<\/li>\n<li>Start early; give yourself plenty of time to get the house ready to sell; it may take longer to get the house \u00e2\u20ac\u0153market ready\u00e2\u20ac\u009d than you think.<\/li>\n<li>Realtors can see past the present condition of a house, and provide powerful suggestions that will get you started productively. Don\u00e2\u20ac\u2122t wait until you \u00e2\u20ac\u0153<em><span style=\"text-decoration: underline;\">think<\/span><\/em>\u00e2\u20ac\u009d you\u00e2\u20ac\u2122re ready before calling.<\/li>\n<li>IF you haven&#8217;t yet selected a Realtor, start even sooner!<\/li>\n<\/ul>\n<ol start=\"3\">\n<li>\u00e2\u20ac\u0153You\u00e2\u20ac\u2122re a Realtor, how much is my house worth in today\u00e2\u20ac\u2122s market; you have this information at your fingertips, right?\u00e2\u20ac\u009d<\/li>\n<\/ol>\n<ul>\n<li>Realtors can quickly gather information in order to give you an overall idea about what houses in your area\/neighborhood are selling for at a particular time, BUT an accurate CMA (Comparative Market Analysis) of your particular home will require deliberate research \u00e2\u20ac\u201c no two homes are exactly alike.<\/li>\n<li>An agent will NOT likely be able to guide you in pricing you house until they know how it is going to \u00e2\u20ac\u0153show\u00e2\u20ac\u009d while it\u00e2\u20ac\u2122s on the market. They can see past pre-market conditions, so invite them into the house soon.<\/li>\n<li>Your Realtor will prepare a professional market analysis of the property, allowing you to make an informed decision about where to set the sales price.<\/li>\n<li>Your Realtor will help you understand the difference between \u00e2\u20ac\u0153market value\u00e2\u20ac\u009d, \u00e2\u20ac\u0153appraised value\u00e2\u20ac\u009d, \u00e2\u20ac\u0153tax assessment\u00e2\u20ac\u009d, and \u00e2\u20ac\u0153AVM\u00e2\u20ac\u009d estimates.<\/li>\n<li>Realtors do not set sales price, you do; they provide accurate information on order for you to make informed decisions about your property.<\/li>\n<\/ul>\n<ol start=\"4\">\n<li>\u00e2\u20ac\u0153What Three Things sell a house? <strong>\u00c2\u00a0\u00c2\u00a0<em>location, location, location <\/em><\/strong>of course<strong>!\u00e2\u20ac\u009d<\/strong><\/li>\n<\/ol>\n<ul>\n<li><strong><em>Location, Price and Condition <\/em><\/strong>are the three key factors you need to consider when selling a home. PRICE is absolutely the product of location and condition, but the only thing you cannot change is the location.<\/li>\n<\/ul>\n<ol start=\"5\">\n<li>\u00e2\u20ac\u0153I know purchasers are likely to offer me less than my asking price, shouldn\u00e2\u20ac\u2122t I build-in a cushion in order to get what I want for my house?\u00e2\u20ac\u009d<\/li>\n<\/ol>\n<ul>\n<li>Homes typically sell within 97% of the list price, but 47% report reducing the asking price at least once.<\/li>\n<li>Overpricing or building in a \u00e2\u20ac\u0153price-cushion\u00e2\u20ac\u009d does not benefit the seller; price the home competitively, at or near when you believe it will sell, and it will generate more offers at a higher price, and in a shorter period of time.<\/li>\n<li>Homes that are priced well sell quickly, sell at or near list price, and are more likely to generate multiple offers.<\/li>\n<li>Consider a \u00e2\u20ac\u0153compelling price\u00e2\u20ac\u009d, one in which a purchaser knows that if they do not make a strong purchase offer the house will not be there for them later.<\/li>\n<li>Unless purchasing an investment property, in our area of Richmond, VA, purchasers are more likely NOT to make a purchase offer if they perceive the sales price as being unrealistic or overpriced for the market.<\/li>\n<\/ul>\n<ol start=\"6\">\n<li>\u00e2\u20ac\u0153Why should I spend time and money sprucing up the exterior of my house when I know it is the interior that\u00e2\u20ac\u2122s really going to sell it?\u00e2\u20ac\u009d<\/li>\n<\/ol>\n<ul>\n<li>Your first impression to a purchaser is the most important.<\/li>\n<li>You cannot sell your house if a purchaser will not get out of the car and come inside.<\/li>\n<li>Dollar for dollar, the biggest return on your investment is in your yard and landscaping, but don\u00e2\u20ac\u2122t overdo it for the neighborhood.<\/li>\n<li><span style=\"text-decoration: underline;\"> Cost VS Value.com<\/span> Report is an excellent resource when attempting to understand the dollar return on repairs and upgrades to a property.<\/li>\n<li>Think \u00e2\u20ac\u0153Consistency\u00e2\u20ac\u009d when understanding what sells.<\/li>\n<\/ul>\n<ol start=\"7\">\n<li>\u00e2\u20ac\u0153We haven\u00e2\u20ac\u2122t painted the inside of the house in ten years, but it\u00e2\u20ac\u2122s not all that bad, really; why spend money on something that a purchaser is likely to change anyway?\u00e2\u20ac\u009d<\/li>\n<\/ol>\n<ul>\n<li>YES! Because paint is worth $30 dollars in the can, and worth $3,000 dollars on the wall!<\/li>\n<li>Consider things like painting, or replacing worn out carpets, or changing out dated fixtures or appliances to improve your appearance.<\/li>\n<li>You don\u00e2\u20ac\u2122t need to \u00e2\u20ac\u0153renovate\u00e2\u20ac\u009d, but <strong>fixing the obvious objections <\/strong>will save you time and money in the long run.<\/li>\n<li>Ignoring the simple fixes will be reflected in the days on market, as well as the final sales price.<\/li>\n<li>Understand that your house is no longer your \u00e2\u20ac\u0153home\u00e2\u20ac\u009d; it is best if you can look at your property as a \u00e2\u20ac\u0153consumer product\u00e2\u20ac\u009d for which you seek to get the highest price, in the shortest period of time, with the least inconvenience to you and your family.<\/li>\n<\/ul>\n<ol start=\"8\">\n<li>\u00e2\u20ac\u0153Our furnishings are just fine, why do we need to worry about staging the house; they\u00e2\u20ac\u2122re not buying the furniture, are they?\u00e2\u20ac\u009d<\/li>\n<\/ol>\n<ul>\n<li>There are misconceptions about what \u00e2\u20ac\u0153staging\u00e2\u20ac\u009d is, and what it costs.<\/li>\n<li>Setting the stage in your house is critical to improving your bottom line. It doesn\u00e2\u20ac\u2122t necessarily mean changing everything in the house.<\/li>\n<li>There are different levels of staging depending on each seller\u00e2\u20ac\u2122s need.<\/li>\n<li>Staging doesn\u00e2\u20ac\u2122t need to cost the seller a lot of money.<\/li>\n<\/ul>\n<p style=\"padding-left: 30px;\"><strong>ADVANTAGES to setting the \u00e2\u20ac\u0153Stage\u00e2\u20ac\u009d:<\/strong><\/p>\n<ul>\n<li>It\u00e2\u20ac\u2122s easier for buyers to visualize their future home if they see themselves in that environment; if the can mentally \u00e2\u20ac\u0153move-in\u00e2\u20ac\u009d to the property.<\/li>\n<li>Buyers are willing to spend more time in the house if they are comfortable and inspired.<\/li>\n<li>Buyers tend to overlook other property shortcomings when emotionally stimulated.<\/li>\n<li>The 3 most important rooms to consider: Kitchen, Living Room, Master Bedroom are the most important rooms to stage \u00e2\u20ac\u201c followed by baths.<\/li>\n<\/ul>\n<ol start=\"9\">\n<li>\u00e2\u20ac\u0153Who has the advantage in today\u00e2\u20ac\u2122s Real Estate Market, Buyers or Sellers?\u00e2\u20ac\u009d<\/li>\n<\/ol>\n<ul>\n<li>The housing marketplace is a pendulum that is constantly moving.<\/li>\n<li>The advantage may not be as it appears, and may vary with location.<\/li>\n<\/ul>\n<p style=\"padding-left: 30px;\"><strong>Advantage Seller<\/strong>:<\/p>\n<ul>\n<li>Lower inventory is available for sale<\/li>\n<li>Prices are slowly improving, but each market area varies<\/li>\n<li>Interest rates remain low, but are expected to increase slightly<\/li>\n<\/ul>\n<p style=\"padding-left: 30px;\"><strong>Advantage Buyer<\/strong>:<\/p>\n<ul>\n<li>Fewer buyers in the market. People appear to be content. Consumer confidence is slowing improving<\/li>\n<li>Purchasers are taking time to evaluate their options \u00e2\u20ac\u201c no sense of urgency<\/li>\n<li>Purchasers are still looking for the diamond and the deal<\/li>\n<li>Purchaser\u00e2\u20ac\u2122s expectations are high<\/li>\n<\/ul>\n<ol start=\"10\">\n<li>\u00e2\u20ac\u0153The last time we bought or sold a home was ten years ago, things haven\u00e2\u20ac\u2122t really changed all that much, have they?\u00e2\u20ac\u009d<\/li>\n<\/ol>\n<ul>\n<li>Change is constant; the real estate and lending markets have changed drastically since 2008.<\/li>\n<li>The average time a home owner stays in their current home ranges from 5-9 years according to the National Association of Realtors (up from 3-5 years during pre-bust market conditions)<\/li>\n<li>Chances are, if you have not bought or sold a home in the last five to seven years, then you can <strong>expect a very different experience<\/strong>.<\/li>\n<li>Your Realtor can provide a complete guide to the Selling process today.<\/li>\n<li>Changes have also influenced Home Inspections, Appraisals, The Lending Process<\/li>\n<li>Written Disclosures as of July First, 2012<\/li>\n<\/ul>\n<p>Based on what the experts are saying, what can we expect to the in the coming year? \u00c2\u00a0Although we won\u00e2\u20ac\u2122t know until the end of the year if these predictions are true, here\u00e2\u20ac\u2122s what the experts predict for 2015: (National predictions listed on the NAR website)<\/p>\n<ul>\n<li>Prices Will Increase \u00e2\u20ac\u201c existing home prices will increase 3% in 2015, and 2% in 2016. (Bloomberg Businessweek)<\/li>\n<li>Mortgage Rates May Increase \u00e2\u20ac\u201c 30 year fixed mortgage rates are expected to increase in 2015, but will still be considered low (NAR) \u00e2\u20ac\u201c [<em>The 1% to 10% affordability rule<\/em>]<\/li>\n<li>Homes Will Be Flying Off the Market \u00e2\u20ac\u201c [<em>maybe not<\/em>], but home sales in 2015 are expected to reach their highest levels in two years (Fannie Mae)<\/li>\n<li>New Homes Are Being Built \u00e2\u20ac\u201c housing construction will reach 1.4 million in 2015, an uptick from past years and closer to the average number needed to balance the market (NAR)<\/li>\n<li>Property Is Becoming More Valuable \u00e2\u20ac\u201c for the 27<sup>th<\/sup> consecutive month, new home prices increased on a year-over-year basis, increasing a total of 20.7% over the past two years (NAHB)<\/li>\n<\/ul>\n<p><strong>What questions do you have about selling a home in 2015? <\/strong><\/p>\n<p>We hope this information generates some questions about the selling process for you. For explanation, clarification or expansion on any of these topics contact us at your convenience.<\/p>\n<p>Yours truly, Ann &amp; John<\/p>\n<p><strong><em>By:\u00c2\u00a0\u00c2\u00a0 Ann &amp; John VanderSyde<\/em><\/strong><\/p>\n<p>Real Estate Sales\/Service \u00e2\u20ac\u201c Associate Brokers Virginia Properties\/Long &amp; Foster<\/p>\n<p>412 Libbie Ave, Richmond, VA 23226<\/p>\n<p>February 5, 2015<\/p>\n<figure id=\"attachment_279\" aria-describedby=\"caption-attachment-279\" style=\"width: 150px\" class=\"wp-caption alignnone\"><a href=\"http:\/\/www.annandjohnvandersyde.com\/wp-content\/uploads\/2010\/06\/Quad-Photo-Logo-as-jpeg-image_3-7-14.png\"><img loading=\"lazy\" decoding=\"async\" class=\"size-thumbnail wp-image-279\" src=\"http:\/\/www.annandjohnvandersyde.com\/wp-content\/uploads\/2010\/06\/Quad-Photo-Logo-as-jpeg-image_3-7-14-150x150.png\" alt=\"Ann &amp; John VanderSyde\" width=\"150\" height=\"150\" \/><\/a><figcaption id=\"caption-attachment-279\" class=\"wp-caption-text\">Ann &amp; John VanderSyde<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Ann &amp; John were recently asked to put together a presentation for people contemplating the sale of their home. Here are a few quick questions they generated in order to &hellip; <a href=\"http:\/\/www.annandjohnvandersyde.com\/?p=321\" class=\"more-link\">Continue reading <span class=\"screen-reader-text\">\u00e2\u20ac\u0153Q&#038;A \u00e2\u20ac\u201c Some of what to consider when it\u00e2\u20ac\u2122s time to place your home in the 2015 Real Estate Market\u00e2\u20ac\u009d<\/span> <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[6,13,22,9,5],"class_list":["post-321","post","type-post","status-publish","format-standard","hentry","category-tips-and-advice","tag-advice","tag-local-richmond-virginia-charachter","tag-market-conditions","tag-richmond-virginia-real-estate","tag-tips"],"_links":{"self":[{"href":"http:\/\/www.annandjohnvandersyde.com\/index.php?rest_route=\/wp\/v2\/posts\/321","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.annandjohnvandersyde.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.annandjohnvandersyde.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.annandjohnvandersyde.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.annandjohnvandersyde.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=321"}],"version-history":[{"count":0,"href":"http:\/\/www.annandjohnvandersyde.com\/index.php?rest_route=\/wp\/v2\/posts\/321\/revisions"}],"wp:attachment":[{"href":"http:\/\/www.annandjohnvandersyde.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=321"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.annandjohnvandersyde.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=321"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.annandjohnvandersyde.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=321"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}